Investments worth a whopping Rs 9.13 billion have recently gotten the nod for four diverse projects in Nepal. These developments come as part of the ongoing 3rd Nepal Investment Summit 2024, signaling promising growth in the nation’s economic landscape.
The Department of Industry has greenlit significant investments across various sectors, setting the stage for enhanced business opportunities and economic prosperity. Let’s delve into the specifics of these ventures and their potential impact on Nepal’s market.
According to Shankar Singh Dhami, Director of the foreign investment and technology transfer unit under the Department of Industry, the approved projects include:
- Establishment of an investment company in Bhaktapur with an investment of Rs 6 billion.
- Construction of a business complex building in Kathmandu, with a budget of Rs 3 billion.
- Development of a 200 KW hydropower project in Kailali, backed by Rs 76.6 million.
- Building hotels and restaurants in Lalitpur district, with an investment of Rs 62.5 million.
In a significant move, the department has inaugurated a streamlined process for foreign investment approval. This new system enables foreign investors to seek approval seamlessly, paving the way for smoother entry into Nepal’s market.
Under the automatic route, foreign investors have the flexibility to establish new companies with 100% ownership or engage in joint ventures. They can also invest in existing companies, streamlining the investment process and eliminating unnecessary hurdles.
Starting today, foreign investors can leverage this automated system to submit their applications and receive prompt approval. Notably, there’s no minimum investment requirement for IT-based industries, encouraging greater participation and innovation in this sector.
The introduction of the automatic route is poised to revolutionize Nepal’s investment landscape by offering efficiency and convenience to investors. By reducing bureaucratic red tape and expediting the approval process, this initiative aims to attract more foreign investment, fueling economic growth and job creation.
As Nepal positions itself as a lucrative destination for investment, these recent developments underscore the nation’s commitment to fostering a conducive business environment. With a focus on innovation, sustainability, and inclusivity, Nepal is primed to unlock its full economic potential on the global stage.
